Zurich Financial Services Australia has cut 70 jobs across all levels of the company as it undertakes an internal restructure under new CEO John Butler. The 70 positions represent about 5% of the company’s Australian workforce.

Mr Butler said yesterday that the move was made to improve efficiencies and reduce costs across the organisation. It will help Zurich “continue to maintain strong and stable operations in the Australian market”.

The restructure primarily affects people in the Australian investment and life

insurance businesses. The general insurance arm was extensively restructured in the late 1990s. Other changes include the scaling down of some product ranges and the implementation of more efficient internal processes and IS systems.

Mr Butler said the restructure follows Zurich’s global program to improve

profitability, strengthen the balance sheet, raise capital and reduce costs.